Gold prices jumped this week to within grasp of record highs above US$1,000 per ounce on the back of a weak dollar and mounting economic optimism, while oil prices also edged higher.
PRECIOUS METALS: Gold hit US$1,024.28 an ounce on Thursday — the best level since March last year when it struck a record US$1,032.70.
“Gold continued its rally above the closely-watched US$1,000 level ... and appears to be firmly on course to challenge its all time peak,” ODL Securities analysts said in a research note.
Gold is being pushed up by two main trends — a fall in the value of the US currency as a result of rising economic confidence among some investors, and a desire among other investors to find a safe haven in still troubled waters.
Gold is also seen as a safe bet for investors to guard against inflation, which is of growing concern following trillions of dollars in borrowing by governments and unorthodox measures including the printing of new money.
In the wake of gold, silver hit a 13-month high of US$17.66 an ounce.
By late on Friday on the London Bullion Market, gold was higher at US$1,012 an ounce from US$1,008.25 a week earlier.
Silver climbed to US$17.11 an ounce from US$16.89.
OIL: Analysts said that a sharper-than-expected drop in US crude stockpiles was seen as an indication that demand was improving in the world’s biggest energy user.
US crude stocks dropped 4.7 million barrels in the week to Sept. 11, beating analyst forecasts for an average decline of 2.5 million barrels.
The sharper-than-expected drop was seen as an indication that US oil demand was improving but some analysts cautioned that stockpiles remained huge and prices had not touched June highs.
The global economic downturn had sapped demand for energy, dragging crude prices from record highs of above US$147 in July last year to US$32.40 in December. They have since won back some ground to stand close to US$70.
GRAINS AND SOYA: Maize and soya prices climbed while wheat prices dipped as traders tracked prevailing weather conditions in key producing countries.
By Friday on the Chicago Board of Trade, maize for delivery in December rose to US$3.25 a bushel from US$3.19 a week earlier.
MORE VISITORS: The Tourism Administration said that it is seeing positive prospects in its efforts to expand the tourism market in North America and Europe Taiwan has been ranked as the cheapest place in the world to travel to this year, based on a list recommended by NerdWallet. The San Francisco-based personal finance company said that Taiwan topped the list of 16 nations it chose for budget travelers because US tourists do not need visas and travelers can easily have a good meal for less than US$10. A bus ride in Taipei costs just under US$0.50, while subway rides start at US$0.60, the firm said, adding that public transportation in Taiwan is easy to navigate. The firm also called Taiwan a “food lover’s paradise,” citing inexpensive breakfast stalls
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
CROSS-STRAIT: The vast majority of Taiwanese support maintaining the ‘status quo,’ while concern is rising about Beijing’s influence operations More than eight out of 10 Taiwanese reject Beijing’s “one country, two systems” framework for cross-strait relations, according to a survey released by the Mainland Affairs Council (MAC) on Thursday. The MAC’s latest quarterly survey found that 84.4 percent of respondents opposed Beijing’s “one country, two systems” formula for handling cross-strait relations — a figure consistent with past polling. Over the past three years, opposition to the framework has remained high, ranging from a low of 83.6 percent in April 2023 to a peak of 89.6 percent in April last year. In the most recent poll, 82.5 percent also rejected China’s
PLUGGING HOLES: The amendments would bring the legislation in line with systems found in other countries such as Japan and the US, Legislator Chen Kuan-ting said Democratic Progressive Party (DPP) Legislator Chen Kuan-ting (陳冠廷) has proposed amending national security legislation amid a spate of espionage cases. Potential gaps in security vetting procedures for personnel with access to sensitive information prompted him to propose the amendments, which would introduce changes to Article 14 of the Classified National Security Information Protection Act (國家機密保護法), Chen said yesterday. The proposal, which aims to enhance interagency vetting procedures and reduce the risk of classified information leaks, would establish a comprehensive security clearance system in Taiwan, he said. The amendment would require character and loyalty checks for civil servants and intelligence personnel prior to
RSS